GCC signs agreement with WTO to improve petrochemical industry

(MENAFN) The GCC petrochemical industry is expected to see a growth in exports this year, according to Arab News

The Trade Facilitation Agreement with the World Trade Organization plans to increase customs efficiency and revenue collection by reducing bureaucratic procedures

The Gulf Petrochemicals & Chemicals Association (GPCA) Secretary General Abdulwahab Al-Sadoun said: "The WTO"s deal on trade facilitation, if implemented in its true spirit, will reduce the cost of all GCC petrochemical exports, thus easing the flow of goods across borders and cutting delays in international shipments, especially in the countries where Gulf chemical exporters have encountered difficulties in the past.

The agreement was estimated to be between USD400 billion and USD1 trillion as costs of trade are set to fall by 10 percent to 15 percent